Is It Possible to Save Money in Retirement?

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It’s here, you’re finally in retirement, but you might worry that your money won’t last through the golden years. If this thought keeps you up at night, then the following tips will help put your mind at ease. Yes, saving money in retirement is doable; it just takes some planning and knowledge.

Put the Emphasis on What’s Important

Take a good look at what’s most important to you, such as travelling with your partner or getting a smaller property to live in that has less upkeep. What brings you pleasure at this point in your life?

If you’re not sure what to cut back on to save a few dollars every month, think about how you spend your days. Are you watching a lot of TV? If so, the cable bill will likely stay the same. Do you spend a lot of time on the phone? If not, then downgrade your phone plan and put the money saved every month into a high-interest bank account.

Know Your Monetary Sources

Life gets busy and often keeping track of finances is low on the priority list. But problems can happen, and you might not know until it’s too late.

If you worked with a SIPP pension fund provider, for example, and they can no longer provide their services, you could be a financial disadvantage. Mis-sold sipp pension claims is an issue that might affect you and, if so, consider starting a claim if you meet the guidelines.

Bargain Hunter

There are a lot of senior discounts available if you look for them. Just ask the customer service desk at your favourite store if they have senior days where people of a certain age can get a cheaper price on items.

You might be surprised by the good news! Then adjust the day your shop to save a bit for another day.

Reduce How Often You Do Activities

Another way to successfully save money in retirement without giving up doing what you love is simply doing it less often. For example, rather than going for dinner twice a week, make it once a week.

Believe it or not, this tactic can improve your life satisfaction. You’ll likely enjoy things more because you do them less often, making them seem more special than before.

Bring in a Renter

If you have a house and there’s extra room, consider renting out the lower level or a room. The extra income can supplement your retirement savings so that you can live comfortably.

If you’re not comfortable with having a renter, instead you might sell your home for a smaller one or a condo in a retirement village. The money banked can go toward everyday expenses that you might otherwise worry you won’t have the money to pay for.

Final Words on Saving in Retirement

If you want to save money in retirement, an incorrect assumption is that it requires cutting back on doing the things you love. However, that’s not true. The suggestions above show that with a little planning and some key decisions, you can stay within a budget and enjoy your golden years.